The Australian market today shrugged off the Korean news and finished flat. XAO, -0.08%.We're starting to get some figures that suggest we're close to a short term bottom. New 20-Day Lows for the 50-Leaders hit 19 today. That's equal to the lowest figures on the 12th August and 6th July. That doesn't mean they can't go lower - the figure on the 1st July was 28. But that signalled the start of the current run from July to November. So if we go lower - we're probably looking at a very strong few months ahead of us.
The Daily RSI on the XAO is now at 40.4 - the lowest it's been since late August.
The Daily Slow Stochastic is kicking up.
The Weekly Slow Stochastic is also getting down to an area where a turnaround can be expected - but there's no sign of it yet.
So - things look promising. But - as they say in the movies - don't fire till you can see the whites of their eyes.
This market can go lower yet.
Cheers
Red
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